{"id":69047,"date":"2022-10-25T11:00:42","date_gmt":"2022-10-25T08:00:42","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69047"},"modified":"2025-09-07T17:36:50","modified_gmt":"2025-09-07T14:36:50","slug":"makerdao-to-deploy-a-third-of-1-6-billion-usdc-in-coinbase-prime","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/makerdao-to-deploy-a-third-of-1-6-billion-usdc-in-coinbase-prime\/","title":{"rendered":"MakerDAO to deploy a third of $1.6 billion USDC in Coinbase Prime"},"content":{"rendered":"<p>The community<a href=\"https:\/\/u1f987.com\/en\/news\/what-are-makerdao-mkr-and-the-dai-stablecoin\">MakerDAO<\/a> supported the proposal to transfer one third of <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a> from the Peg Stability Module (<span data-descr=\"Peg Stability Module\" class=\"old_tooltip\">PSM<\/span>) worth $1.6 billion to Coinbase Prime at an interest rate of up to 1.5% per year.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Coinbase Institutional Rewards (MIP81) has been approved by Maker Governance through a Ratification Poll.<\/p>\n<p>\ud83d\uddf3 <a href=\"https:\/\/t.co\/7Hk6gqKTsO\">https:\/\/t.co\/7Hk6gqKTsO<\/a><\/p>\n<p>This outcome enables Core Units to initiate the onboarding of 33% of the PSM&#8217;s USDC to <a href=\"https:\/\/twitter.com\/coinbase?ref_src=twsrc%5Etfw\">@Coinbase<\/a>&#8216;s Institutional Rewards program.<\/p>\n<p>\ud83e\uddf5\u2193<\/p>\n<p>1\/ <a href=\"https:\/\/t.co\/aOMdGev1QG\">pic.twitter.com\/aOMdGev1QG<\/a><\/p>\n<p>\u2014 Maker (@MakerDAO) <a href=\"https:\/\/twitter.com\/MakerDAO\/status\/1584595297325441026?ref_src=twsrc%5Etfw\">October 24, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/coinbase-proposes-makerdao-move-one-third-of-usdc-to-coinbase-prime\">Submitted in early October<\/a> by the crypto exchange, the <a href=\"https:\/\/forum.makerdao.com\/t\/mip81-coinbase-usdc-institutional-rewards\/17703\">MIP81<\/a> proposal received 75% of the votes. Coinbase is a partner of Circle in the Centre consortium \u2014 the issuer of USD.<\/p>\n<p>The implementation of the solution will allow MakerDAO to earn income from the Institutional Rewards program on the Prime institutional platform.<\/p>\n<p>The asset placement terms provide for annual interest of:<\/p>\n<ul class=\"wp-block-list\">\n<li>1% on the first 100 million USDC;<\/li>\n<li>+0.1% on each additional 100 million USDC (maximum \u2014 1.5%).<\/li>\n<\/ul>\n<p>MakerDAO will be able to freely issue, redeem, withdraw and promptly (less than six minutes) use the placed coins in settlements.<\/p>\n<p>Going forward, the partners plan to automate transactions between PSM and the Prime account via a smart contract or <span data-descr=\"Application Programming Interface \u2014 application programming interface\" class=\"old_tooltip\">API<\/span>.<\/p>\n<p>The core DeFi protocol team will submit a Signal Request for community approval to include a legal entity on behalf of MakerDAO in the Institutional Rewards program.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;It should be noted that any deployment, implementation or transaction related to MIP81 must be conducted via an Executive Vote, in accordance with the protocol&#8217;s functionality,&#8221; said MakerDAO.\u00a0\u00a0\u00a0\u00a0<\/p>\n<\/blockquote>\n<p>At the same time, <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-dao-decentralised-autonomous-organisation\">the DAO<\/a> of the DeFi platform ratified <a href=\"https:\/\/vote.makerdao.com\/polling\/QmRVN2SB#vote-breakdown\">MIP 82<\/a>. The proposal allows Coinbase to lend 200-500 million USDC collateralized by Bitcoin and Ethereum at a 125% collateralization ratio.<\/p>\n<p>It is expected that the interest rate will be 4.5-6%. The rate, as well as the loan amount, will be determined later.<\/p>\n<p>In the third quarter, MakerDAO&#8217;s <a href=\"https:\/\/u1f987.com\/en\/news\/makerdao-defi-protocol-revenue-falls-86\">revenue fell 86%, to $4 million<\/a>.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The MakerDAO community supported the proposal to transfer one third of USDC from the Peg Stability Module (PSM) worth $1.6 billion to Coinbase Prime at an interest rate of up to 1.5% per year.<\/p>\n","protected":false},"author":1,"featured_media":69048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[138,1100,910],"class_list":["post-69047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinbase","tag-makerdao","tag-usdc"],"aioseo_notices":[],"amp_enabled":true,"views":"42","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69047"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69047\/revisions"}],"predecessor-version":[{"id":69049,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69047\/revisions\/69049"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69048"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}